I live in Westchester County, New York, and for the past year or so, I've watched as a fairly large apartment complex has gone up in the nearby town of Harrison, where I once lived. It is impressive in a number of ways, but the really notable aspect of the new property is that it speaks to the construction acumen of owner AvalonBay (NYSE: AVB). And the real estate investment trust (REIT) has another $2.3 billion worth of projects in the works.

The development in Harrison shocked me. AvalonBay essentially put up apartment complexes in what was once a series of parking lots located right along the Metro North train line (which delivers riders to New York City), serving as parking for the Harrison station. Getting approval for such a project must have been a long and difficult process in a wealthy town like Harrison since it materially increases population density in the town center. And AvalonBay had to provide parking for its residents and the Metro North station. There's also new storefront space on the lower level of the apartments, which will compete with existing stores across the street. 

Image source: Getty Images.

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Source Fool.com